Cole agreed to nine-year contract worth $324 million with the Yankees on Tuesday, Jon Heyman of MLB Network reports.

EDGE Analysis

The 29-year-old will receive $36 million per year from New York after finishing a close second to former teammate Justin Verlander for the American League Cy Young award. Cole delivered a 2.50 ERA, 0.89 WHIP and 326:48 K:BB over 212.1 innings during 2019 and is set to serve as the Yankees' ace for the foreseeable future. The deal sets a record in average annual value and contract length for a pitcher, per Mark Feinsand of MLB.com.